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Gift received from grandfather

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(Querist)
14 October 2014 sir, I received a gift amount of 1 lakh rupees from my grandfather now I want to know that the amount of gift is exempt or taxable.
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CA Sanjeev Kumar

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CA Sanjeev Kumar (Expert)
14 October 2014 No tax...refer section 56 proviso
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@VaibhavJ

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@VaibhavJ (Expert)
14 October 2014 Gifts received from relative is exempt u/s 56 of Income Tax Act.
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